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20121001
20121031
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Search Results 0 to 49 of about 79 (some duplicates have been removed)
by longtime citi executive michael corbat. he most recently headed the bank's middle eastern and european division. pandit not only gave up his c.e.o. position, but he also quit the board of directors. the news comes in the heart of earnings season for financial firms and just one day after citi reported stronger than expected earnings. shares of citi climbed 1.6%, closing at their highest price since march. suzanne pratt takes a closer look at pandit's tumultuous tenure. >> reporter: the citi management skeup had many people on wall street scratching their heads today about the timing. not only is the big bank finally regaining its footing, but there were no hints about the boardroom shuffle during vikram pandit's conference call yesterday on earnings. but 24 hours later, citi's new c.e.o. michael corbat and citi chairman michael o'neill hosted a call of their own and explained what happened. so to be clear, today's changes do not reflect any desire to alter this strategic direction of city. >> o'neill and pandit have reportedly clashed on >> reporter: o'neill and pandit have reportedly
.e.o., vikram pandit, calls it quits. from pandit's legacy to challenges facing citi's new boss, the resignation is one of the biggest surprises on wall street this year. >> susie: i'm susie gharib. two tech titans report better- than-expected earnings-- intel and i.b.m.-- but both stocks fall in after-hours trading. we run down the numbers. >> tom: also, student loan servicers get an "f" from regulators complaining school loans are handled a lot like the subprime mortgage market. >> susie: that and more tonight on "n.b.r." >> tom: citigroup c.e.o. vikram pandit abruptly stepped down today in a management shakeup that stunned both investors and employees. he will be replaced by longtime citi executive michael corbat. he most recently headed the bank's middle eastern and european division. pandit not only gave up his c.e.o. position, but he also quit the board of directors. the news comes in the heart of earnings season for financial firms and just one day after citi reported stronger than expected earnings. shares of citi climbed 1.6%, closing at their highest price since march. suzanne pratt ta
growth. >> so is this going to be the theme when we get a new batch of earnings next week? we have city reporting on monday, then bank of america on tuesday, also goldman saks and more gag stanley reporting on the investment banking side. what do you think we're going to hear from those companies? >> okay, so it's the inand yang of banking in the world of quantitative easing. on the one side this interest-rate environment is tough. the spread between deposits and loans narrowing. on the other hand there's pretty good activity, housing is picking up, credit is getting better. as we look at the bank earnings we have to differentiate who is hit by that net interest margin issue and who can benefit on the other side. we look at citi and think they can report a good monday on positive-- monday so that could be positive. on the other hand bank of america facing pressures from the deposit versus lending squeeze. >> you told me citi was your top recommendation right now. tell us why? >> well, we look at citi and it's a bank that has not performed as well as some of those other tough ones like b
. hurricane sandy brings the city that never sleeps to its knees, leaving millions without power. >> tom: i'm tom hudson. wall street is working on a comeback with plans to reopen stock trading tomorrow, despite heavy flooding in lower manhattan. >> susie: from crippled transportation throughout the northeast to canceled flights, the federal response and potential election impact. we'll have all that and more right here on nbr! >> tom: hurricane sandy is now super-storm sandy as it clashes with another weather system, bringing wind, rain, and snow to parts of the mid-atlantic and northeastern u.s. she has cut a path of destruction, flooding, and massive power outages as the death toll from the storm stands at 17 across seven states. even as sandy makes her way to canada, the destruction is devastating. high winds pushed the atlantic ocean up and over seawalls, flooding entire neighborhoods. the wind and water teamed up to cut power to millions of people along the eastern seaboard. the storm surge even continued today as sandy tracked through western pennsylvania and new york state. the stor
's biggest cities, travel hubs and several major gasoline refineries along the new jersey and delaware coasts. financial centers like the nasdaq and new york stock exchange, say they'll have contingency plans iplace. electronic trading is expect continue as normal. michael barry says insurance companies are already mobilizing to deal with damage from hurricane sandy. he's vice president, with the insurance information institute. >> what are insurance companies doing to be prepared? >> well, right now they're trying to figure out exactly where this storm is going to make landfall. as indicated they have mobile catastrophe units sent to the scene so that the insure can gout andate to their policy holders, help them file claims after the storm hits. right now, the big question is where is this going to hit? i saw a modeling company saying delaware, maryland, virginia, and moving west into populated cities like philadelphia. >> susie: it's covering a wide swath of states, and we're hearing there will be heavy floods and strong winds. so, you know, what's covered and what's not covered once it's a
insurance premiums for customers down the road. here in new york city, commerce has been crippled. and power is not expected to be restored in many areas until next week. i.h.s. global predicts that if the areas affected by sandy lose a quarter of their output for just two days, it would knock about $25 billion off u.s. economic growth in the fourth quarter. that could be as much a 0.6%. but longer-term, some of the financial losses should be recovered by repair and rebuilding efforts. home improvement stores like home depot and lowes will likely get a boost in sales. many construction jobs will be created to rebuild homes and businesses. and governments will be spending huge amounts of money to repair subways, roads, and bridges so all of those efforts should help boost economic activity early next year. erika miller, "n.b.r.," new york. >> susie: joining us now for a closer look at sandy's economic impact, mark zandi, chief economist at moody's analytics. you know, mark, people often hear that when there's a sdater like zandi, that it's actually a boost to the economy. is that going to be
sales. it unveiled its much anticipated new operating system, windows 8, here in new york city, and showed off its new tablet, the surface. the opering stem key feature-- an ability to work across all computers: tablets, laptops and desktops. over one billion hours of testing time went into the new operating system and the surface tablet. c.e.o. steve ballmer calls them a milestone in computing. >> with windows 8, we've brought together the best of worlds-- the p.c. and the tablet; your work, life, and play. windows 8 will help you do everything, and it will make it a lot of fun, frankly, to do nothin one device now combines the greatest qualities with the p.c. with the greatest qualities of the tablet experience. >> susie: joining us now with more on tablets, and those apple earnings, david garrity, head of his own tech research firm, gva research. david, you have been a real strong recommender of apple stock. any change in your thinking because of those earnings today and the disappointment? >> susie, no. for a couple simple reasons. first off, applewith their announcement ea
people in america who are out of work, but still ahead, i'll introduce you to two new york city firms that can't hire workers fast enough. >> tom: the federal government made what it called one of the largest medicare fraud crackdowns today, arresting dozens of people across seven cities, accusing them of cheating medicare out of $430 million. today's busts involved 91 people, including doctors, nurses, and hospital administrators, including these arrests in miami. among the scams-- the president of riverside general hospital in houston and his son are accused of giving medicare patients food and cigarettes for claiming to get hospital care, but instead watched tv or played games. federal prosecutors said that scheme led to $158 million in fake bills. today's acon, annound by the justice department, stretched from brooklyn to los angeles. >> this is something i think we see at a variety of levels. we see it among people who are health care professionals who take oaths to provide care and do no harm, and in fact they are doing great harm. we are going after people, whatever their posit
"a", but some cities are experiencing even higher prices. for drivers, the good news is prices are expected to fall, but california remains vulnerable to quick price hikes. refinery and pipeline problems have put the squeeze on supplies and california drivers. >> well its pretty crazy. >> i think it sucks. big time i mean its terrible" >> the went up pretty high from last week." >> they just jump them up real quick and then it takes forever to get them back down again it is pretty ridiculous. >> tom: today's average price in the state, $4.67 a gallon for regular unleaded. that's $0.50 higher than a week ago. $0.86 higher than the national average. wholesale gas prices fell today after california governor jerry brown yesterday eased the state's gas-blend requirements. the change allows refiners to start processing a less- expensive winter fuel blend today, about three weeks ahead of schedule. california's strict air quality standards require a specific gasoline blend that's not necessary in other states, resulting in only a handful of refiners making it. the price spike came aft
activity in september expanded modestly since the last snapshot. only new york and kansas city saw a leveling off or slowing of growth. residential real estate was the one major sweet spot, showing widespread improvement. >> we've seen a pickup in house prices, we've seen a pickup in construction activity, a little bit better demand for loans. so, it generally corroborates what we've been seeing in the economic reports on the housing market. >> reporter: conditions in the manufacturing sector were mixed, but somewhat improved since the last reading. meanwhile, the job market was little changed since the last report, which was the released in august. that was bit of a surprise, given the recent drop in the nation's unemployment rate. but, at least one economist says it suggests the lower jobless rate may not be sustainable. >> it doesn't appear that the labor market is really showing all that much fundamental improvement and that's not all that surprising given the uncertainty around the pending fiscal cliff at yearend, the upcoming election. >> reporter: today's new economic eviden
jump in revenue from bond trading operations. citi earned $1.06 a share in the third quarter, a dime better than analysts predicted. results exclude a huge writedown tied to certain brokerage assets in its holdings unit. shares of citi climbed more than 5% to close at more than $36 a share. but the stock is still struggling to regain its footing. bank of america and goldman sachs also were big gainers today, each adding more than 3%. goldman reports its earnings tomorrow. bank of america on wednesday. over in the healthcare world, shares of eli lilly gained on word the drugmaker's experimental stomach cancer treatment may improve survival rates. and, the stock has been on tear, rising to a new 4.5 year high. today, it jumped 4% to $52.53 shares of abbott labs also rose on reports nearly all of the patients treated with the company's oral hepatitis-c drug have be cured in midstage trials. that encouraging news lifted the stock 4%., pushing it to an all- time high of 72 and change. meanwhile, amazon.com is reportedly in advanced talks to buy the mobile chip unit of texas instruments. a
brooklyn for its first medical facility. the number of freelancers in this new york city borough has increased 3,000% in the past decade. david himmelstein is a professor of public health at hunter college, and thinks the clinic is a good idea. his concern is whether the union's insurance plan can survive. >> when you set up an insurance plan and say anyone can join, basically you are likely to attract sick older people who can't get insurance elsewhere in the system. and over the long term, that has doomed similar insurance efforts in the past. >> reporter: but the freelancers union hopes its holistic approach to medicine and emphasis on preventive care will help lower healthcare costs. and that's good for insurance company and patient alike. >> this can really give people the kind of care they need, and it can also be much more economical, so we can make freelancers' dollars go further. >> reporter: if the pilot is successful, the freelancers union hopes to expand to other cities around the country. erika miller, nbr, brooklyn. >> tom: tomorrow on nbr, we meet a woman who says she'
Search Results 0 to 49 of about 79 (some duplicates have been removed)